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NORTH SHORE REAL ESTATE UPDATE APRIL 2008


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Blog by John Jennings | May 9th, 2008


In West Vancouver, there were 65 homes sold in April 2008 compared to 62 homes sold in April 2007 and 62 homes sold in March 2008.  The West Vancouver sales to new listings ratio was 34% for the month of April.  The year to date (YTD) average price in April 2008 ($1,924,002) has increased 16% compared to April 2007 ($1,645,927).  The inventory of homes for sale in West Vancouver has increased by 54% compared to April 2007.  The median price in April 2008 for a West Vancouver house increased to $1,675,000 from $1,615,000 in March 2008.  In West Vancouver the sales YTD are slightly ahead of the total sales for the same time period in 2007. 

In North Vancouver, there were 113 homes sold in April 2008 compared to 121 homes sold in April 2007 and 108 homes sold in March 2008.  The North Vancouver sales to new listings ratio was 51% for the month of April.  The inventory of homes for sale in North Vancouver has increased by 34% compared to April 2007.  The year to date average price for North Vancouver in April 2008 ($1,011,592) increased 20% compared to April 2007 ($836,320).  The median price for a North Vancouver house remained the same at $907,000 in March 2008 and April 2008.  For the past four months, the average price in North Vancouver has decreased slightly each month.  Sales for the YTD in North Vancouver are 10% below the 2007 YTD total. 

To quote the March 2008 "Housing Now" newsletter from CMHC, "taking the Canadian Market as a whole, a sales-to-new-listings ratio below 35% has historically accompanied prices that are rising at a rate that is less than inflation, a situation known as a buyers' market.  A sales-to-new-listings ratio above 50% is associated with a sellers' market.  In a sellers' market, home prices generally rise more rapidly than overall inflation.  When the sales-to-new-listings ratio is between these thresholds, the market is said to be balanced". 

 

Detached Homes

2008

2007

 

 

 

West Vancouver

 

 

            Sales (April)

65

62

            Sales YTD (to April)

225

223

            Avg. Price YTD (to April)

$1,924,002

$1,645,927

            Active Listings (April)

452

292

 

 

 

North Vancouver

 

 

            Sales (April)

113

121

            Sales YTD (to April)

348

388

            Avg. Price YTD (to April)

$1,011,592

$836,320

            Active Listings (April)

295

220

 

 

 

 

 

Thanks!

 

John Jennings

604-790-1900

john@johnjennings.com

www.johnjennings.com

 


 This communication is not intended to cause or induce breach of an existing agency agreement.  © 2008